31 Aug what is cryptography used for ?
Defination :-
Cryptography is the study and practice of sending secure encrypted messages between two or more parties. Cryptography allows pseudonymous, secure and “unreliable” digital currency transactions without the need for banks or other intermediaries. Read Below more to know what do cryptography means ?
“Cryptocurrency” in the word “cryptocurrency” means “secret” in Greek, which gives you an idea of what the cryptosphere is. Cryptography is the study and practice of sending secure and encrypted messages or data between two or more parties. The sender “encrypts” the message, that is, hides its content from third parties, and the recipient “decrypts” the message, making it readable again.
Cryptocurrencies use cryptography to enable anonymous, secure, and “insecure” transactions, which means you don’t need to know anything about a person to safely transact with them, and you don’t need a bank, credit card company, government or any other third party in between. Cryptocurrencies are not only important for digital money: our computers and the networks to which they are connected constantly encrypt and decrypt data from every search query on Google to every email you send.
what do cryptography means ? Why is cryptography important ?
Cryptocurrency is completely based on the idea of cryptocurrency. Bitcoin was invented by a man (or group of people) nicknamed Satoshi Nakamoto, who came up with the idea in the form of a whitepaper that was posted on a cryptocurrency message board in 2009. what do cryptography means
The problem that Nakamoto solved was called the double spending problem. Since Bitcoin is just a code, what’s stopping a person from creating and spending multiple copies of their coins? Nakamoto’s solution is based on a popular encryption system known as public and private key encryption. as well as Ethereum and many other cryptocurrencies) uses a technology known as public and private key encryption. This allows them to be “suspicious” and secure transactions between strangers without a “reliable intermediary” such as a bank or Paypal between them.
How does public-private key encryption work ?
The Bitcoin network provides all users with a private key (essentially a really strong password) from which it generates a cryptographically associated public key. You can freely share your public key with people; In fact, this is the only information someone needs to send you bitcoins. But you need a private key to access these tools.
Part of what makes Bitcoin revolutionary is its solution to the double spending problem: a peer-to-peer network that uses cryptographic techniques to authenticate transactions.
Your public key is generated from your private key. using a method called a hash, which takes a string of data and processes it with an algorithm. This process is nearly impossible to reverse, so no one can guess your private key from your public key.
Since your public and private keys are linked, the network knows that your bitcoins belong to you, and they will remain yours as long as you have the private key. Another effect of the lack of middlemen is that Bitcoin transactions are immutable (after all, there is no credit card company to call if you make a mistake), but this is a feature, not a bug: perpetual payments are an important part of the solution. Problems. the problem of double spending.
The solution is the Bitcoin blockchain, which is a huge decentralized ledger, imagine a bank balance sheet that records every transaction and is constantly checked and updated by all computers on the network. what do cryptography means
Discloser :-
Litecoin
Polkadot
Dogecoin
Ripple
How To Buy or Sell Ripple (XRP)
Tron
How to Buy Tron Cryptocurrency
Bitcoin
Ethereum
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